Make no mistake; this deal is a big one for Bolivia because the JV controls 40% of all hydrocarbons production in the state. It is rightly being fanfared in Bolivia today as an important step forward for both future fiscal revenues and wider stability. However, don't expect Bolivia to come up on your mainstream news media until Evo says "Yankees go home" again.
Oh yeah, nearly forgot: I say "almost" missed the story, as AP manged to scrawl ten lines on the event. Here is their report in its entirety:
Bolivia takes control of Repsol local subsidiary
Repsol YPF and the government signed an agreement Wednesday making Bolivia's YPFB the majority stakeholder in Repsol subsidiary Andina, ending months of negotiations. The company will be known as YPFB Andina SA.
President Evo Morales said at the signing ceremony that Bolivia needs "partners who will be respected by the state as long as they respect (the country's) sovereignty."
Repsol executive Nemesio Fernandez promised investment but did not give details.
Morales ordered Bolivia's hydrocarbons industry nationalized in 2006. The government is still negotiating with three other foreign companies over compensation.
Respect Bolivia? Ahhhh!...NOW i understand why the English press didn't bother covering this story!